DELHI: A day after the Delhi government announced a policy to allow the extension of lal dora land, real estate dealers in areas like Ayanagar, Ghitorni, Sultanpur and Chhatarpur have started sniffing a windfall. If all goes well, they expect an instant increase of 20% in real estate rates from the day registration of the properties starts.

The real boom, however, will begin once the municipal corporation starts sanctioning the building plans.

The areas are realty hotspots for their proximity to Gurgaon and South Delhi.

“Once the government opens registration of the extended lal dora properties, it will give the area a legal stamp, which will immediately increase property rates drastically,” Rajan Siddiqui of Choice Associates, a Vasant Kunj based property broker firm, said.

On 15th June, at a mega event at Talkatora Stadium, the Delhi Chief Minister announced the government’s decision to restrict the use of Section 81 of Delhi Land Reforms Act for enabling regularization of construction, sale, purchase and registration of land by residents in hundreds of urban villages and regularized unauthorized colonies. She also conveyed the decision to extend the lal dora norms to constructions in the areas beyond the designated boundary of such villages. In some villages the lal dora land was last extended in 1908. The move will have no impact on farmhouses and agricultural land in rural villages.

Siddiqui said last year, many people invested in village areas, which on implementation of the policy would become part of extended lal dora. Siddiqui said one of his clients bought land in Chattarpur village last March for Rs 35,000 per square yard. Now, the same land can fetch Rs 1 lakh.

Siddiqui’s example is considered the best case scenario. Sudheer Tanwar of KSB Properties in Chattarpur said the decision would raise prices by 10%-20 % at the most. “In case of a property deal, many factors count, such as location and paperwork,” Tanwar said.

“Once the corporation relaxes norms for sanctioning building plans, those with well-paying jobs in Gurgaon will find it easier to secure loans. This will increase property prices,” said Kuldeep Chaudhary, a Sultanpur-based property dealer.

Sources said the villages that would benefit most are Chhattarpur, Sultanpur, Asola, Bhatti, Fathehpur Beri, Satpadi, Sahurpur, Aaya Nagar, Maidangarhi and Rajpur Khuld. Every dealer said the real figures will only come up after the policy is implemented which can take more than a year. “It is just an announcement. The government has asked villagers to submit maps of extended abadi which will take a few months. After that, the government will begin scrutiny, which can take over a year,” said a property dealer.

A few others said that with elections due later this year, the policy may remain only on paper until the new government starts functioning. “In the last assembly elections, Delhites were given a similar sop in the form of provisional certificates for unauthorized colonies, which got a regularization tag only last year. Residents, this time, may wait for implementation before they buy or sell,” said property dealer Harbhajan Tanwar.

DELHI: Noida-Greater Noida, on the outskirts of Delhi, is one of the three real estate hotspots in the country along with Gurgaon and Navi Mumbai. Some 350,000 flats are being built here. Of these, about 50,000 will be delivered this year.

DELHI:If owning a home in India is a struggle, buying one abroad is a dream for most Indians. But for some, the dream has come true, as they buy property in places such as Dubai, Sri Lanka, and the United Kingdom (UK).

DELHI: While property price have gone up significantly over the past couple of years, so have the salaries. The cost of property for an average Indian in 1995 was about 22 times his annual salary. Today, he can buy it at just under 5 times his annual salary.

DELHI: Assotech Realty Pvt. Ltd, the harbinger of ‘serviced residences’ across India has launched premier service residences at Shirdi, christened as ‘Sandal Suites’ at an approximate cost of rupees 100 crores. This is first of its kind ‘service residence’ meant to cater to the needs of pilgrims traveling to Shirdi and expecting comfort and luxury at affordable cost.

DELHI: This Ministry, vide OM of even number dated 7.2.2012 had issued guidelines linking the height of a building to the width of the road on which the proposed building is to be located and also the distance of fire station from the building so that in case of emergency, the fire tender may reach the building in the shortest possible time.

DELHI: Sky-rocketing property values in Delhi have led to a consumer perception of dearth in availability of homes in the affordable range. However, Ghaziabad, a suburb of the capital city, comes to the rescue for those looking for a property within Rs 20-50 lakh budget, with all modern facilities.

DELHI: Godrej PropertiesBSE 1.09 % today announced its foray into the property market of the national capital by signing a development agreement with Southend Infrastructure for 5-acre luxury group housing project in Okhla.

DELHI: Mixed land use will soon be a reality in Noida, Greater Noida and Yamuna Expressway areas wherein commercial activities can be carried out from sectors earmarked for other uses like residential, institutional and industrial.